On December 21, 2020, Congress approved a relief bill with some of the following tax provisions: (1) tax deductibility of Paycheck Protection Program (PPP) loan expenses, (2) PPP loan recipients are eligible for the employee retention credit, (3) expansion of the employee retention credit, (4) 100% deductibility of restaurant business meals for 2021 and 2022, (5) expansion of the above-the-line charitable deduction, and (6) extensions of certain tax incentives. In addition, the bill would provide $600 stimulus payments to eligible individuals, add $300 to extended weekly unemployment benefits through 3/14/21, and provide aid for small businesses through forgivable PPP loans. The second round of PPP loans would be made available to certain Section 501(c)(6) business leagues, first time qualified borrowers, and second time borrowers with 300 or fewer employees who can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019.
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This publication is provided by Caroprese & Company as a service to its clients and colleagues. The information and content included in this publication should not be construed as technical advice. Questions regarding any matters discussed in this publication should be directed to Brandon Caroprese whose contact information is listed below:
Brandon Caroprese, CPA, MST